The WIIFM Principle is an important guide for clarifying the value of a product or service. Asking “What’s In It For Me?” is an essential question for buyers to ask and a critical one for sellers to answer. When it comes to cash recycling, the answer varies depending who you are in your organization.
Chief Executive Officer / President
You’re charged with maximizing shareholder value, developing a strong and supportive employee culture and delivering best-in-class service to your customers.
In as much as recyclers lower labor costs, improve teller efficiency and security, and focus staff on serving customers rather than managing transactions they appeal broadly to chief executives.
Chief Operating Officer
You are responsible for strategic planning and delivery of technology and operations across your bank network. You analyze systems and processes to develop an efficient operating model.
While you appreciate the security and financial benefits of recyclers for you, they represent flexibility to change the branch environment. By securing cash at the point of use, they allow you to implement teller pod and other open concept designs as well as innovative operating models such as universal teller, concierge and mobile teller. Shifting focus from cash to the customer is essential for you to create an inviting branch environment.
Chief Financial Officer
Your job is to oversee the financial operation of the bank ensure your branches are profitable. You see value when something improves the bottom line.
Foundational benefits of cash recycling include centralized visibility of branch cash inventory and an overall reduction of cash-on-hand through more intelligent cash management. By reducing the amount of cash in branches, you’re able to convert a non-performing asset into an asset that yields a return.
You wear many hats. You lead your team, serve as the first level of client escalation and advocate your brand in the community. Teller cash recyclers allow your team to focus more on problem solving and meeting the financial services needs of your customers rather than just counting cash and overseeing transactions. More productive, happier branch staff will deliver better service to your customers.
The head teller is the person responsible for making sure the teller line runs smoothly, accurately and in accordance with corporate policies and procedures all while delivering superior service to customers. For a head teller, cash recyclers mean the teller line handles fewer notes, balances in a fraction of the time, and can turn attention to value-added customer experiences without putting accuracy or policy adherence at risk.
As the front line or face of the brand, tellers deal with customers who expect professionalism and consideration. You know what it means to work in a high stress environment where you must adhere to a broad set of policies and procedures while quickly and accurately handling tens of thousands if not hundreds of thousands of dollars. Teller cash recyclers automatically verify, count, sort, store and balance cash so you can focus on delivering the personal service only you can provide.
There’s no doubt cash recyclers are a win for everyone from the C-suite to the teller line. But the value you’ll see really depends on your role in the organization.